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  • ACC117 - Notes

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    Nenny Candy
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    This document outlines key accounting concepts and journal entries. It discusses 1) types of journals used in accounting such as general, purchase, sales, and cash journals, 2) adjustments made for financial statements like accruals, prepayments, bad debts, depreciation, and capital/revenue expenditures, and 3) reconciling items between a firm's cash book and bank statement including unpresented cheques, uncredited cheques, withdrawals, standing orders, dishonored cheques, and deposits.

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    ACC117 - notes

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    This document outlines key accounting concepts and journal entries. It discusses 1) types of journals used in accounting such as general, purchase, sales, and cash journals, 2) adjustments made for financial statements like accruals, prepayments, bad debts, depreciation, and capital/revenue expenditures, and 3) reconciling items between a firm's cash book and bank statement including unpresented cheques, uncredited cheques, withdrawals, standing orders, dishonored cheques, and deposits.

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    © All Rights Reserved
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    688 views5 pages

    ACC117 - Notes

    Uploaded by

    Nenny Candy
    This document outlines key accounting concepts and journal entries. It discusses 1) types of journals used in accounting such as general, purchase, sales, and cash journals, 2) adjustments made for financial statements like accruals, prepayments, bad debts, depreciation, and capital/revenue expenditures, and 3) reconciling items between a firm's cash book and bank statement including unpresented cheques, uncredited cheques, withdrawals, standing orders, dishonored cheques, and deposits.

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    of 5

    ACC117 – NOTES

    1. Types of journals

    General Journal Sales/purchase of non-current assets


    on credit

    Opening/closing entries

    Withdrawals of stock for owner’s own


    use
    Purchase Journal Goods purchased on credit.
    (Invoice – receive dari supplier)
    Return Outward Journal (Purchase Goods returned to supplier. (Credit
    Return) note)
    Cash Payment Journal All cash payment made by business.
    (Payment voucher - cash, cheque -
    bank)
    Sales Journal Credit sales (Invoice – hantar kepada
    customer)
    Return Inwards Journal (Sales Return) Goods returned by a customer (Credit
    note)
    Cash Receipt Journal Cash received (Receipt and cash,
    cheque, commission)

    2. Adjustments for Financial Statements (SOPL – Expenses & Revenue & SOFP
    – A = C + OE)
    Accruals and Prepayments (+/-)

    Bad debts written off (hutang lapuk,


    berkaitan dengan account
    receivable) - expenses
    Allowance for doubtful debts
    (increase = expenses, decrease =
    revenue)
    Depreciation (Susut nilai, berkaitan
    dengan noncurrent asset)

    Capital expenditure & Revenue


    expenditure

    3. Items in the firm’s cash book (CRJ & CPJ) not yet entered in the Bank
    Statement.
    a. Unpresented cheques – sudah record dalam cash book tapi belum
    dibentangkan di bank untuk bayaran. (Cheques paid out)
    b. Uncredited cheques - deposit money/terima cheques. (Cheques
    received)
    c. Errors made by the bookkeeper.
    4. Items in the Bank Statement not yet entered in the firm’s cash book (CRJ &
    CPJ).
    a. Withdrawals
    b. Standing orders - Instruction to the bank to make regular payments.
    c. Dishonoured cheques - cheques which were rejected (cannot be cash
    out) by the bank due to insufficient amount of fund.
    d. Deposits/Credit Transfer - bank boleh mengumpul wang terus daripada
    pelanggan firma bagi pihak firma, menerima dividen ke atas pelaburan
    bagi pihak firma atau membayar faedah ke atas deposit, kepada firma.
    e. Errors made by the bank.

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